www.iva.co.uk

Hi All,

What is the general closure procedure of an IVA? What happens after I make the last payment, I will be having am income and expenditure review only two months before may last payment is made, will I need to send in more payslip/ bank statements for the closure.

Ps IVA was extended by 12 months as we could release equity from our house

Thanks
Mark

Hi,

You may need to send more statements in but it depends on your company.

Well done on reaching the end.

I just want to make sure we have everything in place so it can be closed ASAP, I now know that all PPI has been sort so that shouldn't slowing things down.

I was in a kind of similar situation. My supervisor only requested a statement of income and expenditure.

It depends on who you are with. Even supplying all the information can mean a long delay post completion as some firms are much slower than others.

They might want to do one last I&E to make sure your disposable income didn't increase leading to extra monies due into the pot.

so if they think there is extra money for the pot after I have made the last payment how would they expect it to be paid? we have already had a 12 month extension as we couldn't release money from our house as planned?

If you earned income over and above your allowable expenditure (say from overtime) you should be disclosing and paying it over the agreed % as it is received or keeping it to one side ready to pay on review.